In an industry-first collaboration, Cyversand Station70 are launching "Secure Signer," an institutional-gradetransaction security solution to confront access control threats in Web3. Giventhe alarming rise in access control breaches, which have resulted in over $4billion in losses across the crypto ecosystem, this tool aims to bolsterinstitutional protection for digital asset transactions.
Access control has emerged as one of thebiggest challenges in Web3 security, as reported in Cyvers' recent studies,which highlight a significant increase in centralized attacks targeting walletand transaction signing systems. In 2024, centralizedentities experienced a 1,000% spike in such breaches, including major incidentsat BtcTurk and BingX, revealing vulnerabilities in current systems.
Secure Signer combines Cyvers' advancedAI-powered real-time threat detection engine with Station70's hosted co-signertechnology, creating a dual-layered security shield for institutional users.This integration provides an innovative pre-transaction simulation andvalidation layer, making sure every transaction is vetted for risks beforereaching the blockchain. The technology aligns seamlessly with Fireblockswallet infrastructure, extending security to a global user base and helpinginstitutions avoid fraudulent transactions without added complexity.
Adam Healy, CEO of Station70, emphasizedthe importance of this partnership for the security ecosystem: “By combiningCyvers' threat intelligence with our co-signer technology, we provideinstitutions with a streamlined path to advanced transaction security.” Thisstatement is echoed by Cyvers' CEO, Deddy Lavid, who describes thecollaboration as a transformative approach to Web3 security, addressingcritical security gaps in wallet access and signing processes.
Counterparty risk remains a top concernamong institutional investors and risk managers. Following the custody failuresin recent years, firms have more and more been moving operations toself-custody services such as Fireblocks. While this approach is centered moreon the fundamentals of cryptocurrencies in general and gives the institutionsmore control of their assets, it creates centralization and “black box” risk.This risk can only be addressed by Secure Signer. Secure Signer’s -as-a-servicemodel removes the “black box” of MPC wallet services and does so withoutinstitutions having to staff dedicated engineering teams responsible forrunning co-signer services.
With Secure Signer, Cyvers and Station70are setting a new standard for transaction security, empowering institutionswith proactive solutions to safeguard their assets in an increasingly volatiledigital landscape.
Identify patterns and anomalies across blockchains in real-time for proactive mitigation.
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